(Bloomberg) -- Towers Watson & Co. investors should reject aplanned merger with insurance broker Willis Group Holdings Plc,proxy advisers Institutional Shareholder Services and GlassLewis & Co. said. Willis declined the most since August in NewYork trading.

The consulting firm’s holders should seek improved merger terms,or “the better option at this time is to remain a standalonecompany,” Glass Lewis said in its report late Thursday. Shares ofTowers Watson had dropped when the deal was announced in June.

Both companies’ investors are scheduled to vote on the deal Nov.18. Willis agreed to merge with Towers Watson in an $8.7 billiontransaction to add consulting operations, helping it competeagainst diversified insurance-broker rivals Aon Plc and Marsh &McLennan Cos. Willis investors would own 50.1% of the combinedcompany, to be domiciled in Ireland and led by Towers Watson CEOJohn Haley. Towers Watson holders would get 2.649 Willis shares anda one-time cash dividend of $4.87 for each share they own.

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